August 2009 Newsletter – Home & Contents Insurance
Recently the Association of British Insursers (ABI) carried out a survey which revealed that almost 25% of UK consumers have cancelled or not renewed their home contents insurance. The reason for this has been cited as people cutting back on their outgoings due to the effects of the credit crunch. The ABI results also revealed that a further 17% of those surveyed had cancelled or not renewed their buildings insurance cover either.
If you have recently cancelled a buildings and contents policy or are considering doing so, it is important to be aware of the financial risks you could be exposed to should you experience damage or loss to these assets. Purchasing the right insurance policy for the level of cover you need ultimately ensures that you will be adequately protected should the unexpected happen.
The good news is that buildings and contents policies are competitively priced and that by speaking to The Mortgage Store we can advise you on the most suitable policy for your circumstances. Even if you already have a policy in place it is still worth reviewing this with us as we can ensure that the cover you have is still relevant to your situation. Contact The Mortgage Store on the details below to discuss the options available and to ensure that you are protected against the unexpected.
Additionally if you have a mortgage secured on a property it is often a legal requirement from the lender for you to have appropriate buildings cover in place in order to protect their collateral for the loan. Without this you could not only be vulnerable to financial hardship should the worst happen but may also be in breach of the terms and conditions of your mortgage agreement.
It can be tempting to try and save money by cutting back on your buildings and/or contents insurance policies, but experts agree that this is a false economy. Buildings and contents insurance will provide you with the peace of mind and financial protection that any damage to your home; accidental or otherwise can be covered. You can avoid unexpected expense and offer long-term security for both yourself and your family by ensuring you have suitable cover in place.
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